What types of cover are available?
Life, Total & Permanent Disability, Trauma and Income Protection insurance are all explained here…
What is the role of an adviser?
Our job is to do the following:
- Understand your situation so we can offer you the best quality advice possible
- Provide options to help you best protect your family, business and lifestyle in case of death, disability or illness
- Direct you on appropriate insurance policies that are best suited to your circumstances and budget
- Guide you through the application process, negotiating with the insurer where necessary
- Review your policies in line with changing circumstances, and manage any administrative issues along the way
We also offer a dedicated claims assistance service should you need to claim under your insurance policies.
Why do premiums increase?
Why do premiums increase?
There are two main reasons why your premiums may change each year: Age and Automatic Consumer Price Index (CPI) increases.
Age – Generally, the chance of you making a claim increases as you get older, so stepped premiums increase to reflect the increased risk.
Automatic CPI Increases – If you have a CPI Increase feature on your policy, your sum insured will automatically increase every year in line with the CPI unless you notify the insurer otherwise. Your premiums will increase based on the increased level of cover.
What do I do if I think I have a claim?
Claim time is when your insurance policy really proves itself. Our experienced advisers will obtain details of the condition, such as dates of illness/injury, details of any treatment & hospital visits, expected return to work date (if known), or date of death in the event of a life insurance claim. We will assist you with claim forms and the ongoing management of your claim to provide a satisfactory outcome. Please contact your adviser directly or our office on 03 8544 1604 and an adviser will be able to assist you.
What is the difference between stepped and level premiums?
Stepped premiums – Your insurance premium will increase each year as you get older but is cheaper in the beginning. If you’re thinking about this option, it is worth looking at what the premiums will be over the next 5 years, or however long you intend to hold the insurance for, to make sure you can afford the premiums.
Level premiums – Your insurance premium does not change due to your age but is generally more expensive than a stepped premium in the beginning. Level premiums may increase over time due to inflation adjustments or changes to the insurer’s fees.
Can I change my cover?
Yes, of course. Some people think life insurance is set and forget. It shouldn’t be. You may be able to change your cover as your circumstances change. Please call or email us to discuss your options.
I am a smoker. What happens to my premiums if I give up smoking?
Your premiums may be reduced if you have stopped smoking for at least 12 months. You will need to complete and submit a ‘Smoking Questionnaire’ and your request to alter your smoking status will need to be approved by the life office.  The premium reduction if approved will take effect from the date that your request has been approved and notified to you by the insurer. Please call or email us to request a form to make this change if required.
Can I choose how often I pay my premiums?
Under some policies, you can pay your premium monthly, quarterly, or half-yearly. However, other policies require premiums to be paid monthly or, in some cases, annually. Please contact our office on 8544 1604 if you wish to change your payment method.Â
What happens if I miss a payment?
You will be sent a dishonor letter informing you that you have missed your payment. You can contact your life office and make the payment by credit card or alternatively, two payments will be debited from your designated bank account the following month.
We recommend you contact your adviser.
What happens if I change jobs, take extended leave or become unemployed?
Under some policies, you may be under obligation to notify the insurer in order to maintain cover. Under other policies, you may not be eligible to make a claim. And, under other policies, your cover may terminate. Please call your adviser on 8544 1604 to find out more.
What if I can't afford my payments?
If you are experiencing financial difficulty, there are options available to help retain your cover rather than losing it completely. It is a condition of your policy that premiums are paid in the event you need to make a claim. Please call your adviser on 8544 1604 for more information to help you stay covered.
What am I covered for?
When you took your policy out, you would have received a Product Disclosure Statement and Policy Schedule that provided details of your cover. You must always refer to these documents for details of your benefits and any terms and conditions that may apply to your policy. You’ll also receive a renewal letter each year which usually gives you an update on your cover, including your premiums.
Can I pay my premiums through my Super?
Yes, often Life, TPD and Income Protection premiums can be paid using superannuation funds. However Trauma insurance cannot be paid using superannuation.
I am paying my premiums using super. What is the impact of this?
By using your superannuation to pay insurance premiums, your super balance will become depleted over time and you may be impacting your retirement savings. Please ensure that you review your insurance costs regularly and consider the impact of this payment method. Please contact our office to arrange a review if you are concerned about this.
Disclaimer
This information has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, consider whether it’s appropriate for you. General Advice Warning: The information we are providing constitutes general advice and not personal advice as we are not taking into account personal circumstances and/or objectives, and is relevant to Australian residents only. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. Furthermore, you should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product